Invest Cyprus, the national investment promotion agency, on Friday released a statement expressing its support for a recent decision to fast-track strategic investments on the island.

On Thursday, the House passed a law that fast-tracks ‘strategic investments’ and regulates licensing procedures and timeframes.

The bill, which was initially drafted by the previous government, passed with 34 votes for and 18 against.

In a statement, Marios Tannousis, the Director General of Invest Cyprus, highlighted that the new legislation introduces streamlined procedures to facilitate the licensing of strategic investments.

Specifically, the key provisions of the new law include the establishment of a Strategic Development Sector as a unified licensing authority, with the goal of issuing building permits at a central level within one year, as well as the introduction of a mechanism to classify a development as a strategic development based on specific criteria, enabling it to undergo an expedited licensing process.

In addition, the bill provides for the introduction of the role of a project coordinator who will act as the point of contact between the applicant and public services for the purpose of facilitating the implementation of a project deemed to be a strategic development.

Moreover, the bill will also facilitate the establishment of binding timelines within the licensing process for the issuance of required permits and the conduct of consultations with relevant stakeholders, as well as establish the requirement for a consultation by the Department of Environment for the issuance of the Environmental Authority opinion for certain projects.

According to Tannousis, the simplification of procedures and the expedited licensing of strategic investments have been longstanding demands of Invest Cyprus.

The aim is to prevent delays and bureaucratic processes that negatively impact various investments.

With the new legislation, he added, Invest Cyprus is better positioned to attract reliable investments to Cyprus and facilitate economic growth.